Business & Tech
Profit Down on Decrease in Lending, Investment Income for People's United
Profit was down in the second quarter for People's United Bank.
Profit for the parent company of People’s United Bank dropped in the second quarter, reports the Hartford Courant.
People’s United Bank has a location in Hamilton, at the corner of Bay Road and Railroad Avenue. It’s parent, People’s United Financial Inc. is located in Bridgeport, Conn.
The company bought Danversbank in 2011, two years after after Danversbank bought Beverly National Bank, which at the time called itself the oldest community bank in the country. The Hamilton branch was a Beverly National location.
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The Courant reported that People’s United’s net income was $62.1 million in the second quarter ending June 30, versus $64.6 million for the same quarter last year. The drop was attributed to a decrease in lending and investment income.
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